The beleaguered Bitcoin, that stalwart of the digital ages, has succumbed to yet another grim descent, leaving the once-sacred $90,000 territory in its dust. One could almost hear the mournful echoes of lost fortune as it teeters precariously above $86,000, a threshold that beckons further calamity with a sardonic smile.
- Bitcoin’s recent misadventure began in the opulent heights of $95,500, only to find itself pining in the depths.
- A kind note to the hopeful: the price now languishes below $90,000 and the firmly established 100-hourly Simple Moving Average, an ominous sign indeed.
- Amidst the chaos, a short-term triangle emerges—how fitting, as it defiantly resists at the $89,000 mark on the hourly chart of the BTC/USD pair (courtesy of Kraken, as if that helps).
- With each passing moment, the pair glances toward yet another plunge should it fail to hold above that magical $90,000 zone.
Bitcoin Price Plummets Like a Lead Balloon
Once a proud titan, Bitcoin has faltered, unable to maintain its grasp on the $95,500 sanctuary. Now it surveys the damage from below $93,200 and mourns its lost stability, having plummeted past $90,000 into the demoralizing abyss of $86,000.
And what’s this? The price, having made a showy dive, now pretends to consolidate around $88,500, vanishing and reappearing above the 23.6% Fib retracement level of its descent—for the mathematically inclined, a tantalizing tidbit amidst the despair.
Trading currently languishes beneath $91,200, where the 100-hourly Simple Moving Average stands as a dispassionate observer. The horizon offers immediate resistance near the $89,000 mark, while the triangle formation adds a note of suspense to this tragic drama.
Key resistance ahead? Perhaps $90,000, and if you’re feeling adventurous, the next obstacle is lurking at $91,250, waiting like a sly fox at the 50% Fib retracement level between the golden heights of $96,482 and the recent low.
A grandiose closing above $91,250 could herald a proverbial phoenix rising, soaring toward the once-noble heights of $93,500. With a sprinkle of luck, an ascent to $95,000 or even the mythical $96,400 could be in the cards, though one must marvel at the sheer audacity such hopes command.
Is Another Decline Imminent for BTC?
Should Bitcoin remain obstinate, failing to ascend beyond $90,000, the onlookers brace themselves for yet another nosedive. Immediate support teeters near the $88,000 brink, while the first major support lies like a treacherous pit at $87,250.
The dreaded $86,000 is now noted with grim fascination, lurking as the next burden to bear. The shadows of further losses could indeed usher in the ominous threshold of $85,000 before we arrive at the grand finale—the forlorn $83,200.
Technical clues to this melodrama:
Hourly MACD – A waning pulse in the bearish abyss.
Hourly RSI – BTC/USD slumps beneath a disheartening 50-level.
Major Support Levels – A nostalgic nod to $88,000, with an eerie echo at $86,000.
Major Resistance Levels – The defiant $90,000 and the sly $91,250.
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2025-02-26 06:24